June 2008/2

Swiss reinsurer Glacier Re has successfully launched its $180mn Nelson Re 2008-I bond, a move predicted by Trading Risk last month.

Reinsurance broker Benfield Group Limited has made a cash investment of $20.5mn in Hannover Re's $133mn Florida-focused sidecar vehicle, Globe Re.

Risk modelling firm Risk Management Solutions (RMS) has launched its second natural catastrophe index under the Paradex banner, that it says will lead to earlier loss settlement.

Hedge fund giant Man Group has acquired a 25 percent stake in Bermudian investment manager Nephila Capital for $50mn.

Insurers are not expecting to face a significant payout from the blaze that caused damage to the Californian theme park and studio lot of Universal Studios at the start of the month.

American International Group (AIG) has been ordered to give its former CEO and chairman, Maurice “Hank” Greenberg, access to company documents by the New York Court of Appeals.

Shares in American International Group Inc (AIG) fell 7 percent to close at $33.93 Friday after it emerged the company is being investigated by the Securities and Exchange Commission (SEC) over its valuation of contracts linked to sub-prime mortgages.

Gulf Re, the $400mn reinsurer formed in a joint venture between Arch Capital Group Ltd and Gulf Investment Corporation (GIC), has been granted a licence by the Dubai authorities.

New York attorney general Andrew Cuomo has reached an agreement with three major rating agencies that promises to overhaul the way they collect fees and to improve their process for rating mortgage-backed securities.

Ariel Re's Lloyd's insurer Atrium has appointed Scott Moser - one of the architects of the Equitas transaction with Berkshire Hathaway - as a non-executive director.

Brit Insurance Ltd (BIL) has received a "negative" outlook on its insurance financial strength (IFS) rating by Fitch Ratings, following concerns over its regional UK expansion.

The dispute between Randall & Quilter (R&Q) affiliate Cavell USA and private equity owned run-off insurers Seaton Insurance Co and Stonewall Insurance Co is set for an airing in the English courts this autumn.

Regulatory hurdles in Brazil are one of the biggest challenges for risk managers despite the recent deregulation of the country's reinsurance market, according to Willis Energy.

Bond insurers MBIA and Ambac have spoken out after their AAA ratings were downgraded to AA by Standard & Poor's (S&P) and placed under review by Moody's.

Security Capital Assurance (SCA) has been hit by a further blow with the three notch downgrade of its two main operating units from A- to BBB- by Standard & Poors' (S&P) on Friday (6 June).

Florida property reinsurance underwriters are set to find out tomorrow (10 June) whether they will benefit as a result of fresh demand from the state’s hurricane cat fund.

Willis has committed to phasing out its newly acquired contingent commissions within three years following its announced acquisition of Hilb Rogal & Hobbs (HRH) for $2.1bn.

The Royal Bank of Scotland (RBS) received some positive news after the bank revealed over 95 percent of shareholders had subscribed to its £12bn rights issue.

Energy and property start-up Torus Insurance is set for a 1 July launch after securing backing from First Reserve Corporation, The Insurance Insider revealed last week.

Broker Aon Global UK has launched a compliance tool for buyers of global (re)insurance programmes.

Amlin Plc's star head of underwriting, Tony Holt has resumed work at the Lloyd's insurer following a temporary leave of absence for medical treatment, the group has announced.

Finnish insurance group Sampo's P&C insurance subsidiary has agreed to purchase Russian insurer SOAO Region, the group announced last week.

Willis' proposed $2.1bn acquisition of US retailer Hilb Rogal & Hobbs is the largest insurance broker M&A deal for a decade and, with margins under threat from the weak market conditions, may be seized upon as evidence that the sector is about to...

Paul Corver has emerged as the most likely candidate to take over from Philip Grant as chairman of ARC, the UK trade body for legacy management professionals, The Insurance Insider has learnt.

Bermudian reinsurer PartnerRe has announced a number of senior management changes in its global (non-US) operations.

Class action pioneer Mel Weiss has been sentenced to 30 months in prison, after pleading guilty to illegally paying clients to file claims.

Suncorp CEO John Mulcahy has cast doubt over whether QBE will make a serious play for the company after questioning if a tie-up between the firms would be an "appropriate combination".

The acquisitive Spanish insurer Mapfre acquired US car insurer Commerce in a $2.2bn+ deal last week.

Two major UK insurers have revealed job cuts that could total almost 3,000 staff as they face up to "difficult times" and changes in the way business is placed.

Run-off veteran Jerry McArthur will join Randall & Quilter Investment Holdings Plc (R&Q) as CEO USA and Bermuda after stepping down as chairman of Capita Commercial Insurance Services (CCIS).

Marsh & McLennan Companies (MMC) announced that CFO Matthew Bartley will become the latest senior executive to leave the company.

Energy broker Guy Bessis is moving to Marsh Ltd less than eight months after joining (re)insurance intermediary Integro, The Insurance Insider understands.

CV Starr has emerged as one of a number of candidates targeted by Lehman Brothers to buy a stake in the credit crunch-hit investment banking giant.

Markel International and QBE have won their bond fraud case brought against executives of Surety Guarantee Consultants Ltd (SGC) and a former Templeton Insurance director in the UK High Court.

Andrew Annandale has been appointed managing director of Argenta Syndicate Management Ltd, the group's managing agency - in a move designed to support new start-ups.

UK-based wholesale broker Price Forbes & Partners has poached Mark Simons from JLT Park to head up its new Bermuda operation.